Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên (right) receives Czech counterpart Jozef Sileka in Hà Nội on Monday. — Photo from the Ministry of Industry and Trade

HÀ NỘI — There is great potential for cooperation between Việt Nam and the Czech Republic, Minister of Industry and Trade Nguyễn Hồng Diên said on Monday when receiving his Czech counterpart Jozef Sileka.

Diên said that the two countries’ economic and trade cooperation was still modest, and not commensurate with their potential.

The bilateral trade turnover between the two countries only accounts for a small proportion of the total foreign trade turnover of both Việt Nam and the Czech Republic, according to the minister. Direct investment from the Czech Republic into Việt Nam and vice versa remains humble.

Việt Nam’s main exports to the Czech Republic include footwear, garments, aquatic products, industrial machines, machine spare parts, and electrical equipment, while its imports are machinery, equipment, tools, other spare parts, and iron/steel products.

Việt Nam’s increasingly improved business and investment environment would be a favourable premise for the two sides to jointly find solutions for further investment cooperation, especially in industry and energy, Diên said.

He added that the two countries were accelerating the integration process, which is the basis for them to strengthen economic and trade relations.

He said he hoped that the Czech Republic, an important partner of Việt Nam in Eastern and Central Europe, and related countries would hasten the ratification of the EU-Việt Nam Investment Protection Agreement (EVIPA).

Diên called for further support for enterprises of the two countries to access market information, and join trade promotion events towards cooperation agreements in energy and mining.

In particular, in the coming time, the two sides needed to actively create conditions for the Czech-Vietnamese community to do business and develop in both countries.

For his part, Czech Minister of Industry and Trade Jozef Sileka agreed with Diên’s recommendations, emphasising that Việt Nam is both a friend and an important partner of the Czech Republic.

The Czech Republic wanted the two countries to further strengthen cooperation in the fields of trade, industry, and investment, particularly in auto manufacturing, energy, mining and minerals, transportation, and petrochemicals, he said.

He added that Czech enterprises could share experience with their Vietnamese peers in developing renewable energy and improving power transmission. — VNS